Even some of those larger funds appear to be feeling the pressure to diversify. Benchmark added its first-ever female partner last May, while Sequoia Capital hired its first female investing partner in the U.S. in fall of 2016. The moves brought the VC heavyweights to 17% and 11% women investors, respectively.

　　有些大基金看起来也有多元化的压力。去年5月Benchmark公司终于有第一位女性合伙人，2016年秋，红杉资本聘请了第一位女性投资合伙人。此后两家公司里女性合伙人比例分别增加到17%和11%。

　　NEA, one of the largest firms with $20 billion in assets under management, has yet to hire or promote a female general partner, though it does have six female investing partners on staff. But Dayna Grayson, one of those investing partners, says her firm does have some advantages-besides just sheer dollars-over smaller players.

　　恩颐投资是规模最大的之一，管理资金达200亿美元，到现在也没聘请或提升女性普通合伙人，不过团队里有六位女性投资合伙人。六人之一戴娜.格雷森表示，公司比起小基金还是有优势，而且不只是金钱方面。

　　“When you get to a certain scale you can have an HR body, a chief legal officer, policies and training, and a number of other levers to ensure that everybody is informed” on what is and is not acceptable in the workplace, says Grayson. So while a firm like NEA may not have a woman at the table when the big decisions are being made, there is an argument that it can afford the infrastructure needed to stem bad behavior, both at its portfolio companies and within its own ranks.

　　“公司发展到一定规模就会有人力部门，首席法律代表，政策和培训负责人，还有其他确保每人都能明确知道”公司里哪些事可以做，哪些不可接受，格雷森表示。所以恩颐之类大公司里，女性可能无法参与重要决策，但也有人认为这样的公司更有能力阻止不良行为，不管是被投公司里还是风投内部。

　　Kate Barrett, NEA’s marketing partner, adds that comparing the gender ratios of large firms like hers with smaller players can be misleading: It’s one thing for a four-person firm to be 50% female, but quite another for a 36-person operation like NEA.

　　恩颐投资市场合伙人凯特.巴瑞特补充说，单纯比较大基金和小基金里的性别比例可能存在误导：小公司一共四个人，有两名女性比例就达到50%，而恩颐投资一共有36人，算起比例来要吃亏一些。

　　NEA maintains that questions about diversity have not impacted its fundraising. But that may well change. The firm closed its latest fund, a massive $3.3 billion, last May, just as the Valley’s harassment scandals were starting to mount-but before they gained real attention from the bulk of the tech world. “We hear from our LPs more regularly] during fundraising times,” says Barrett.

　　恩颐投资认为多元化问题并未影响融资。但有可能出现变化。恩颐投资去年5月完成最新一只基金融资，规模33亿美元，当时硅谷有关性骚扰的丑闻正在发酵，但科技业还没人关注到恩颐。“融资期间我们跟有限合伙人接触(更频繁)，”巴瑞特表示。

　　Last September, about 200 representatives from some of the largest family funds in the country gathered at the Ritz-Carlton in San Francisco. The group comprised, as portfolio manager Kristen Koh Goldstein put it, the kind of people who are “wealthy enough they don’t need to be in a listicle.” But while the attendees might opt to keep their fortunes out of the press, they are putting those funds to work; everyone at the gathering was a limited partner, tasked with allocating large amounts of private, family-owned capital into various investments, including many of Silicon Valley’s venture capital firms.

　　去年9月，美国规模最大的一些家族基金约200位代表在旧金山里兹卡尔顿开会。用投资经理克里斯汀.戈德斯坦的话说，这群人都是“极有钱而且不需要上什么榜单的人”。虽然与会者可能不希望财富见诸报端，但私下里还在积极运作。出席者每个人都是有限合伙人，将大笔家族私人资金拆成小规模投资，投资对象就包括硅谷的风投公司。

　　Goldstein, who comanages the investments of her family office, AthenaPartners, had been asked by the gathering’s organizers to put together content on a topic of increasing concern to the LPs in attendance: the mounting discrimination and harassment problems in the tech world. “They realized this was an issue, but they didn’t know the extent of it or what you could do about it as a limited partner,” says Goldstein.

　　戈德斯坦参与管理家族投资公司AthenaPartners的业务，会议主办方让她负责探讨在场有限合伙人越发关心的话题：科技业日渐严重的歧视和性骚扰问题。“他们意识到这是个问题，但不知道实际上有多严重，也不知道身为有限合伙人能做什么，”戈德斯坦表示。

　　The Bay Area–based investor brought in founder Niniane Wang, who sold her startup last year and is now an engineering leader at Pokémon Go creator Niantic. Earlier in 2017 she was among the women who publicly accused Caldbeck, the former partner at Binary Capital, of sexual harassment.

　　湾区投资人找来创始人王沂，去年她卖掉创业公司，如今在出品精灵宝可梦Go的任天堂担任工程主管。2017年初，她曾参与公开指责Binary Capital前合伙人卡德贝克性骚扰。

　　“I gave them the LPs] some actionable advice, like, don’t sign a nondisclosure agreement as part of your investment, and ask questions about how they treat diversity or whether or not they have a female partner,” says Wang.

　　“我(向有限合伙人)提过一些可行建议，例如投资时不要签署保密协定，问(风投)如何看待多元化以及有没有女性合伙人等等，”王沂表示。

　　According to Goldstein, Wang received a standing ovation, and both women were mobbed with questions and comments from the audience. The session was the highest rated at the event, and the organization has already asked Goldstein to come up with similar programming for future summits.

　　戈德斯坦表示，王沂讲完后，观众起立鼓掌，观众向二人抛出很多问题和评论。这场论坛在会议里评价最高，组织者已经请戈德斯坦为以后的峰会策划类似环节。

　　“There is an enormous risk here that some of these families weren’t even aware of,” says Goldstein. “Our goal was to reach these wealthy people, who sometimes have no idea they are funding misogynists, and give them practical things they can do to protect themselves.”

　　“现在风险很大，但很多家族基金甚至一无所知，”戈德斯坦表示。“我们的目标是告诉这些富人，他们可能无意中会投资厌恶女性的人，也让他们知道如何切实保护自己的利益。”

　　Following the event, Goldstein has fielded several calls from high-profile family offices, asking for her take on whether there might be a misconduct or other risk with some of their potential investments; she calls these “what’s the real deal here” calls.

　　会议结束后，戈德斯坦收到好几通家族基金的电话，咨询某些潜在投资对象是否可能有行为不端等风险。她称之为“打听投资对象老底”的电话。

　　Some LPs-ones who obviously haven’t signed NDAs with the venture capital firms they’ve funded-aren’t just using back channels to ask questions. Instead they are throwing off their usual role as silent partner and for the first time taking their concerns public.

　　有些有限合伙人明显没有跟风投公司签署保密协定，所以今后不仅会勇敢提出问题。他们还打算不再当风投背后沉默的合作方，第一次公开表达自己的担心。

　　Last summer, amidst the wave of harassment scandals, 500 Startups cofounder Dave McClure was accused of sexual misconduct. The eccentric general partner of the incubator and venture capital firm apologized and resigned from his role. In response to the revelations, some of his most high-profile LPs, including Mitch Kapor and Freada Kapor Klein, publicly expressed their outrage at his behavior-and the larger tech community’s role in enabling it.

　　去年夏天性骚扰丑闻甚嚣尘上之时，500家创业公司联合创始人大卫.麦克鲁尔被指性骚扰。这位古怪的孵化器和风投公司合伙人表示道歉并辞去职务。作为回应，他背后知名有限合伙人--包括米奇.卡普尔和弗利达.卡普尔.克莱因都公开表示谴责其行为，也谴责了整个科技行业。

　　“This is a culture that has been allowed to fester and to rot by enablers who refused to intervene when they witnessed inexcusable behavior or went to great lengths to avoid seeing it,” they said in a statement.

　　“如果背后的人看到不可接受的行为拒绝介入，甚至竭力避免去看，就会演变为溃烂和腐坏的文化，”他们在一份声明中称。

　　Many limited partners have signed NDAs and will probably continue to do so. And many more won’t speak out even if given the opportunity. But as awareness and concern reaches critical mass, it’s likely that a growing number of LPs will make their voices heard-if not with words, then with dollars. Down the road, that could have tangible impact on venture capital firms that are not evolving to meet current demands.

　　很多有限合伙人签署了保密协定，以后可能还会继续签。还有很多人即便有机会也选择沉默。但对此类事件的关注和担心逐渐聚集，越来越多的有限合伙人可能出面发声，即便不声讨也会用钱投票。如果风投公司不与时俱进满足外界需求，可能也会受到影响。

　　“I want to back the people best positioned to successfully invest in tomorrow’s groundbreaking ideas,” says Melinda Gates. “And they’re not always the people who successfully invested in yesterday’s.”

　　“我希望帮助关注未来突破性创意的人们做投资，”梅琳达.盖茨表示。“将来成功的投资人跟过去的投资人可不一定相同。”